The Italian economic and finances warned that US Stablecoin policies are more about President Donald Trump’s tariffs, noting the potential for these assets that will destroy the euro’s dominance over cross-border payments.
Speaking at an event in Milan, Giancarlo Giorgetti said that while trade tariffs dominated the titles, new US dollar policies backed stablecoins present a “more dangerous” threat to European financial stability in Europe, According to In the Reuters report.
US Stablecoins allows users to invest in a widely accepted procedure for cross-border payments without opening a US bank account, Giorgetti said. He warned that the growing appeal of US Stablecoins to the people should not be underestimated.
Giorgetti urged lawmakers in the European Union to take more steps to boost Euro’s position as an international currency. He added that the digital euro under the development of the European Central Bank (ECB) is important to reduce the need for Europeans to carry out foreign solutions.
US lawmakers are moving forward with bills
Presently, present, The regulation of stablecoin in the US Remains fragment. Instead of a single framework, many agencies apply existing laws to repair stablecoins. However, lawmakers are working to implement the changes, with several pieces of Stablecoin law that are developing.
On April 2, the US House Financial Services Committee passed Stablecoin Transparency and Accountability for a Better Ledger Economy (Stable) Act. The bill is now Headed to the floor of the house for a full vote.
The bill was introduced on February 6 by Committee Chair French Hill and Digital Assets Subcomm Committee Chair Bryan Steil. This will ensure that StableCoin readers are providing information to their businesses, including how their tokens are back.
In addition, the guide and establishment of national innovation for the US Stablecoins (Genius) Act establishes the rules that Requires those who give to maintain reserves Backed one by one, obeying anti-money laundering (AML) laws, protecting consumers and boosting the dominance of the dollar in the global economy.
The Genius Act still requires approved both Congress Chamber and a President’s signature before the law.
Related: Stablecoins is the best way to ensure US dollar dominance – Web3 CEO
ECB EXEC is renewing the digital euro PUSH
Apart from Giorgetti, ECB executive board member Piero Cipollone also encouraged European lawmakers to strengthen their efforts to fight the dollar supported by Stablecoin in Europe. On April 8, Cipollone Write an article that expresses concerns about the growing popularity of US Stablecoins.
The official launch of a central digital currency has suggested to fight this threat to the euro. He said it would help maintain eurozone financial sovereignty.
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